Landlord offering concessions to lease up Century 21’s old FiDi store

Retailer’s bankruptcy leaves 60K-sf hole at 25 Church Street

New York /
Apr.April 01, 2021 05:55 PM
ASG Equities' Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)

ASG Equities’ Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)

The Gindi family is shopping for a tenant to fill the 60,000-square-foot hole that Century 21 left behind — and it’s offering up a discount.

The family’s ASG Equities is offering free rent while the space at 25 Church Street is being built out, Crain’s reported. The landlord is also putting walls back up to once again separate the property from 22 Cortlandt Street.

After Century 21 filed for bankruptcy and closed its stores last year, the Gindis purchased the retailer’s intellectual property for $9 million. The family said they would reopen select stores, but not the Financial District location, which it has owned for nearly three decades.

“[A new tenant] is going to be a pivotal piece in the revitalization of the Financial District,” George Karnoupakis, ASG’s head of asset management, told the publication.

The landlord’s preference is to lease the entire space to a tenant for a flagship store, though the property can be split up for multiple users. The property spans five floors, the upper two being office space.

Though Lower Manhattan’s retail availability has increased, asking rents have remained at around $365 per square foot, according to data from Cushman and Wakefield. Availability increased to 23.5 percent in the fourth quarter of 2020, up from 18.2 percent a year earlier.

[Crain’s] — Sasha Jones





    Related Articles

    arrow_forward_ios
    The Watson Hotel at 440 West 57th Street (Google Maps)
    Developers already eyeing commercial-to-resi conversions
    Developers already eyeing commercial-to-resi conversions
    38 Warren Street and CVS CEO Karen S. Lynch (Google Maps, CVS)
    CVS signs lease in Tribeca’s Keystone Building
    CVS signs lease in Tribeca’s Keystone Building
    Century 21 president Marc Benitez (LinkedIn; iStock)
    Return of the retailer: Century 21 relaunches
    Return of the retailer: Century 21 relaunches
    Columbia University
    Columbia University inks deals with 2 restaurants
    Columbia University inks deals with 2 restaurants
    217 Broadway (Google Maps, iStock)
    CVS inks lease at 217 Broadway
    CVS inks lease at 217 Broadway
    40 Rector Street and Seth Pilevsky (Photos via Google Maps; Literally Stories)
    Mid-market sales fall off after strong start to 2021
    Mid-market sales fall off after strong start to 2021
    Interior and exterior renderings courtesy of Urbanspace.
    Urbanspace inks lease for Financial District food hall
    Urbanspace inks lease for Financial District food hall
    Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)
    7 Manhattan hotels head to auction block
    7 Manhattan hotels head to auction block
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...